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Article: Hungary: Hungarian Central Bank Cuts Key Rate to Lowest in 17 Months.
- Article from:
- TendersInfo
- Article date:
- August 25, 2009
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Byline: babalu03
Hungary s central bank cut its benchmark interest rate to the lowest in 17 months to help jolt the nation out of its worst recession in almost two decades as a steep decline in domestic demand keeps inflation in check.
The Magyar Nemzeti Bank lowered the two-week deposit rate to 8 percent from 8.5 percent, matching the forecast of all 17 analysts in a Bloomberg survey. Monetary policy makers voted for the 50 basis-point cut with an overwhelming majority over a reduction to 7.75 percent, central bank President Andras Simor told reporters in Budapest today.
The bank has shaved 1.5 percentage points off the key rate since July on ...